Mixed-Use Redevelopment
1324 Corlies Avenue Neptune, NJ 07753
1324 Corlies Avenue, Neptune, NJ, 07753
$699,000
For Sale
$699,000
COMMERCIAL - Neptune Township, NJ
Property Size2,782 SF
Lot Size0.19 Acres
Price / SF$251.26
Days on Market180
Property Features for 1324 Corlies Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Rooms
- Basement
- Parking features
- Parking Lot
- Basement
- Partial
- Standard status
- Active
- APN
- 35-00515-0000-00005
- Size
- 2,782 SF
- Lot size
- 0.19 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 10072
Utilities
- Sewer type
- Public Sewer
- Heating system
- Steam
- Water source
- Public
Building Details
- Floors in Building
- 2
- Building materials
- Aluminum Siding
- Roof type
- Shingle
Listing Agency
Ward Wight Sotheby's International Realty
(732) 775-8500
521 Cookman Avenue 101 B, Avon By The Sea, NJ
Listed by
Joseph Scheeler · License #0562643
(732) 775-8500
Added: Jan 20 Checked: Jul 19 at 3:06 am
MLS# 22601909
Copyright © 2026 More MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This value-add mixed-use redevelopment opportunity features a structure previously configured as a two-family residence with retail at the ground level. Renovation is currently underway, with framing in place and partial plumbing and electrical work completed based on a prior concept. The intended direction is to convert the property to a three-family residential layout while keeping retail and/or office use on the first floor. A basement provides storage, and the property also includes a large parking lot behind the building. Construction will need to be completed for the planned configuration.
The property sits in a high-visibility area near Route 35, with convenient access to Route 18 and the Garden State Parkway. It is also close to Jersey Shore University Medical Center and the Ocean Grove and Asbury Park beach areas, supporting demand from both local and regional tenants.
This is best suited for investors, owner-operators, and developers looking to complete an active mixed-use conversion. Because all proposed use, zoning compliance, permits, and approvals are the buyer’s responsibility, the opportunity is designed for parties prepared to finalize the development path and complete construction to the planned end use.
The property sits in a high-visibility area near Route 35, with convenient access to Route 18 and the Garden State Parkway. It is also close to Jersey Shore University Medical Center and the Ocean Grove and Asbury Park beach areas, supporting demand from both local and regional tenants.
This is best suited for investors, owner-operators, and developers looking to complete an active mixed-use conversion. Because all proposed use, zoning compliance, permits, and approvals are the buyer’s responsibility, the opportunity is designed for parties prepared to finalize the development path and complete construction to the planned end use.
Key Highlights
- High‑visibility location near Route 35 offering mixed‑use redevelopment potential.
- Existing framing and partial plumbing/electrical provide a head start on renovation.
- Large parking lot included.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $83.5k | $30.00 |
| − Vacancy | −$26.7k | −$9.60 |
| EGI | $56.8k | $20.40 |
| − OpEx | −$14.2k | −$5.10 |
| NOI | $42.6k | $15.30 |
2,782 SF · lease $30.00/SF/yr · vacancy 32.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$608.1K
$532.1K – $709.4K
NOI $42,565 @ 7.0% cap · market cap 6.09%
Second Best
Retail
$567.3K
$496.4K – $661.8K
NOI $39,708 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$726.4K
$635.6K – $847.5K
NOI $50,851 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Redevelopment with ground-floor retail and converting to three units; renovation underway with large rear parking lot.
Where is this mixed-use property located?
The property is located at 1324 Corlies Avenue Neptune, NJ.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: High‑visibility location near Route 35 offering mixed‑use redevelopment potential.; Existing framing and partial plumbing/electrical provide a head start on renovation.; Large parking lot included.
